Excluding VCTs overall trusts on highest discount for decade

The overall discount on the investment trust sector is at its widest for a decade if 3i and other venture capital trusts are stripped out. Research by Williams de Broe estimates that after excluding VCTs, the average sector discount, on a market cap basis, would be 15% rather than 9%. The 3i trust makes up some 14% of the total market value of the sector and currently stands on a 69% premium to NAV. The inclusion of 3i masks the fact that the discounts of international generalists have been widening out, according to Richard Green an investment trust analyst at Williams de Broe. Foreign...